ULSAN, Jan. 5 (Korea Bizwire) – With the South Korean shipbuilding industry left reeling by changing economic fortunes, the population of the well-known shipbuilding neighborhood of Dong District in Ulsan is dwindling fast. Data from the Ministry of the Interior and Safety and Ulsan Metropolitan City released on Friday revealed the number of South Korean [...]
SEOUL, Oct. 16 (Korea Bizwire) – Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries, the top shipbuilders in the country, are struggling from lack of work caused by falling demand for new vessels. According to recent industry data, however, that could change in the not-too-distant future thanks to a projected rise [...]
SEOUL, Aug. 30 (Korea Bizwire) — Two South Korean shipbuilders — Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. — are expected to win a combined US$1.5 billion deal, industry sources said Wednesday. According to industry tracker TradeWinds, the Mediterranean Shipping Co. (MSC) is working on an order for up to 11 [...]
SEOUL, Aug. 21 (Korea Bizwire) – The domestic shipbuilding industry was engulfed in a wave of low spirits as shipping publication “Tradewinds” and eBest Investment and Securities (eBest) both reported that French company CMA CGM had signed a letter of intent with two Chinese shipbuilding firms for nine container ships. The reason for the Korean [...]
SEOUL, Aug. 21 (Korea Bizwire) – “Provided the current situation remains the same going forward, [industries] excepting a few such as semiconductors, general machinery and weapons manufacturing will lose market share. In particular, the automotive, shipbuilding, petrochemical, textiles, home appliances, and communications devices industries will see their respective global market share drop in 2025 compared [...]
SEOUL, Jul. 7 (Korea Bizwire) — When it rains, it pours, as labor disputes are putting increased pressure on the automobile manufacturing and shipbuilding industries already sagging underneath the weight of slowing sales. The industry giants currently involved in labor negotiations include Hyundai Motor, Kia Motors and GM Korea, while Hyundai Heavy Industries, the world’s largest [...]
SEOUL, July 6 (Korea Bizwire) – Ulsan’s shipbuilding career support center recently marked its successful first year, having helped tens of thousands of jobseekers find employment in the field, center officials said on Wednesday. According to the career center, as of last month, employment benefits and job seeking support had been provided more than 71,000 times [...]
SEOUL, June 8 (Korea Bizwire) – Hyundai Samho Heavy Industries Co., a midsized shipbuilder here, said Thursday that it has attracted 400 billion won (US$355 million) in investment from a local private equity firm via pre-initial public offering. The investment is higher than the originally planned 300 billion won, Hyundai Samho said, signaling that investors [...]
SEOUL, June 5 (Korea Bizwire) – South Korea’s shipbuilders are expected to recover this year after suffering from a global industrywide slump in 2016, observers here said Sunday. Industry watchers said Samsung Heavy Industries Co. clinched deals worth US$4.8 billion coming into this year, which accounts for 74 percent of its annual target of $6.5 [...]
SEOUL, May 31 (Korea Bizwire) – President Moon Jae-in on Wednesday vowed to build a stronger maritime nation by bolstering its economic and military powers at sea. As part of the efforts, he promised to establish a public corporation to provide financial assistance to the nation’s ailing shipping and shipbuilding industries, and revive their global [...]